Revenues from Saudi oil exports declined, during last May, on an annual basis, with the decline in average oil prices compared to the same period in 2022, and the Kingdom’s start implementing the voluntary production cut of 500,000 barrels per day.
Official data – seen by the specialized energy platform – showed that Saudi Arabia’s oil revenues decreased, in May, by 37.7%, compared to the same period in 2022.
The report of the General Authority for Statistics on the Kingdom’s foreign trade during May 2023, issued today, Tuesday, July 25, indicated that merchandise exports recorded a decline of 32.1% on an annual basis.
Saudi oil exports
Revenues from Saudi oil exports decreased by 43.5 billion Saudi riyals ($11.60 billion), or 37.7%, while the percentage of oil exports in total exports decreased from 80.8% in May 2022 to 74.1% in the same month of this year.
Last May, the value of Saudi exports amounted to about 97.1 billion Saudi riyals ($25.89 billion), down from about 144.1 billion riyals ($38.36 billion) in May 2022.
Revenues from Saudi oil exports declined, in May, to 72 billion Saudi riyals ($19.20 billion), from about 115.5 billion Saudi riyals ($30.8 billion) in May 2022.
The figures of the Joint Organizations Data Initiative (JODI) showed that Saudi Arabia’s oil production decreased, during last May, by 502 thousand barrels per day, bringing its production to 9.96 million barrels per day.
Saudi Arabia’s exports of crude oil also decreased, during the same month, by 388 thousand barrels per day, to record 6.93 million barrels per day, which is the lowest level since October 2021, according to Reuters.
While stocks of crude oil in Saudi Arabia increased, during last May, by 1.2 million barrels, and stocks of petroleum products also increased by 900 thousand barrels.
Saudi Arabia’s revenues from oil exports
Revenues from Saudi oil exports declined by about 11.8 billion riyals ($3.15 million) on a monthly basis, compared to the revenues of the previous month (April), which were recorded at 83.8 billion Saudi riyals ($22.34 billion).
Saudi Arabia’s revenues from oil exports, during the first quarter of this year (2023), declined by 15%, on an annual basis, according to data monitored by the energy platform.
The decline in Saudi oil export revenues came with the decline in global oil prices in global markets, during the first 3 months of this year, compared to the same period in 2023, which recorded its highest level in 14 years, against the backdrop of the Russian-Ukrainian war.
Data from the General Authority for Statistics show a decline in Saudi oil export revenues to $65.42 billion during the period from January to the end of last March, compared to $76.91 billion during the same period in 2022.
And Brent crude recorded losses of more than 7% during the first quarter of this year, falling below $ 80 a barrel at the end of March 2023, and its decline has continued since then, to trade at an average of $ 75 currently.
It is noteworthy that the Saudi budget 2023 expected a decline in oil revenues by 12.1% during the current year, amid indications of a decline in average oil prices compared to last year.
And Saudi Arabia acquired the largest revenues of OPEC countries, by a very large difference from all the member states of the organization, to record $ 326.2 billion in 2022, an increase of 61.4% compared to 2021, in which revenues amounted to $ 202.1 billion.
The following infographic, prepared by the specialized energy platform, reviews oil export revenues for OPEC countries during 2022:
Saudi exports
The report of the Saudi Statistics Authority – which was reviewed by the specialized energy platform – revealed a decline in the value of commodity exports in May, compared to the previous month (April 2023), by 7 billion riyals ($1.87 billion), by 6.7%.
Non-oil exports also recorded, in May of 2023, a decrease of 8.7%, compared to May of 2022, recording 25.1 billion riyals ($6.69 billion), compared to 27.5 billion riyals ($7.33 billion) a year earlier.
The report showed an increase in the value of non-oil exports compared to April 2023, by 9.4 billion riyals ($2.51 billion), or by 23.9%.
China is the first destination for exports
China topped the main destinations for Saudi exports, during last May; The value of Riyadh’s exports to Beijing amounted to about 16.9 billion riyals ($4.51 billion), which represents 17.4% of total exports.
India and Japan came second and third, respectively, with a total of 9.1 billion riyals ($2.43 billion), or 9.4%, and 8.1 billion riyals ($2.16 billion), or 8.3% of total exports.
South Korea, the United Arab Emirates, the United States of America, the Netherlands, Bahrain, Singapore and Taiwan were among the top 10 countries that Saudi Arabia exported to.
The total of Saudi exports to the 10 countries amounted to about 64.2 billion riyals ($17.12 billion); This represents 66.1% of total Saudi exports during the month of May.
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